AB.LV Will Donate LVL 1 Million to Modern Art Museum

October 3, 2005 / Banking

Agreement signed with Culture Ministry

On September 23, A/S «Aizkraukles Banka» concluded a co-operation agreement with the Latvian Culture Ministry, thus becoming the chief supporter of a major cultural project in Latvia — the establishment of a Museum of Modern Art. Aizkraukles Banka will provide support equal to Ls 1 million by the year 2016. Aizkraukles Banka has thus become the leading supporter of the arts in Latvia, and a leader which sets an example on the private-public partnership model that can be established in the country.

Money for exhibit artworks of Museum of Modern Art

The one million lats will be spent over the course of 11 years to buy and exhibit artworks at the museum and to establish a stipend fund for the research or artworks and art processes.

Wishes to improve the environment

Olegs Fils, a co-owner and deputy board chairman of Aizkraukles Banka, is also a member of a council of cultural philanthropists that has been established by the Culture Ministry: «Art, including modern art, has not been seen as anything really important in our society so far, but over the course of time we are starting to understand that it is one of the key elements in the emergence of a healthy society. By supporting the Museum of Modern Art, we hope to improve the environment in which we live, in which our children and the future generations will live. This is a long-term project, and we think that it is of importance to our bank and to everyone in Latvia. We wish to popularise the principle that businesspeople need not always demand things from the state — we can also help the state in the implementation of major national projects.»

Continues the tradition of support of art and culture

In granting the financing to the Museum of Modern Art, Aizkraukles Banka is continuing down a path of support for culture and the arts. For several years, the bank has helped to finance children’s productions at the Latvian National Opera — the opera «Noah’s Ark», the ballet «Snow White and the Seven Dwarves», the opera «Ahmal and the Night Visitors», and the «Homo Novus» festival. Aizkraukles Banka is also continuing to provide financing for a long-term project — reconstruction of the Rundale Castle Museum.

Bank wanted to merge its financial support into an event of large scope

Aizkraukles Banka also takes part in other projects of public importance. Thus for instance, the bank has, for the past two years, supported a project that is organised by the newspaper Diena and the broadcast firm TV3 — «Pride of Latvia». The bank helps to fund the public integration project «Distinguished Individuals in Latvian Democracy,» it has provided aid to the Paediatric Clinical University Hospital, and it has taken part in other major projects. The bank, however, has always wished to merge its financial support into a truly major and expansive project, and the result of this desire is financing for the collection of the Museum of Modern Art.

Aizkraukles Banka is the leader of mortgage lending system

Aizkraukles Banka is one of the five largest commercial banks in Latvia. Wholly owned by Latvians, it works in Latvia and abroad, offering clients a wide range of financial services.